From the Associate Press: “Obama vowing to flex presidential powers in speech.”
Frustrated by years of partisan gridlock, President Barack Obama is moving to flex his presidential powers during his sixth year in office. He’s starting by using Tuesday night’s State of the Union address to announce executive actions to raise the minimum wage for new federal contracts, help the long-term unemployed find work, and expand job-training programs.
Obama’s go-it-alone strategy, with modest steps for now, is aimed both at jumpstarting his stagnant second term and prodding a divided Congress to take additional action to boost economic opportunity for millions of Americans. But there’s little indication lawmakers are ready to follow along, particularly as the nation barrels toward the midterm elections.
OK, don’t even bother with the stupidity of an increase in the minimum wage discussed here—that’s a stupid idea that will resonate hugely with the economically-illiterate, but is not the big revelation.
This is the big news:
Among those actions is a new retirement savings plan geared toward workers whose employers don’t currently offer such plans. The program would allow first-time savers to start building up savings in Treasury bonds that eventually could be converted into a traditional IRAs, according to two people who have discussed the proposal with the administration. Those people weren’t authorized to discuss it ahead of the announcement and insisted on anonymity.
This little gem is tucked into the story, like a tiny slice of rat poison, hidden within the delicious mounds of thinly sliced roast beef of a Philly Cheesesteak (the beef—minimum wage—is poisoned, too… but we’ll avoid that for now).
The U.S. desperately needs demand for its bond sales, because the Federal Reserve has been more and more becoming the buyer of last and only resort to keep interest rates from rising. Going further and further into debt means the need to sell those bonds, but what if no one is buying?
One “tin foil hat” suggestion has been for the government to force investors’ retirement accounts into said bonds, but there was never a vehicle to do so… until this proposal. First you build the fund, and then you block the freeway and force everyone off the highway at this new exit.
Simply put, this is step number one toward another set of handcuffs for the American people, to benefit the Federal Reserve and the elite.